Updated at: 1359 PST, Friday, January 09, 2009 LONDON: South Korea and Britain have further made a record cut in their interest rates, following a series of measures taken by almost all major countries for reining in the global recession.

South Korea Central Bank has further cut its interest rate by 50 basis points to bring it to the level of 2.5 percent in the wake of its deteriorating economic situation. South Korea, which is presently facing a serious downturn, its economic growth is expected to decline this year. On the other hand, Britain Central Bank was also seen taking this measure, where the Central bank interest rate was cut by 20 basis points to peg at 1.5 percent.